Wednesday, March 5, 2008

Grade upbeat as ITV profits fall

Commercial broadcaster ITV has seen its annual profits for 2007 fall by 35% to 188m after a difficult year, but says its "turnaround plan is on track".
The figures are the second set of annual results to be released by ITV executive chairman Michael Grade.
The broadcaster has seen its shares face pressure over the past year. They hit new lows in January and February.
ITV has also been embroiled in the row about BSkyB's 17.9% stake in the firm, and advertising worries.

'Onscreen improvement'
But ITV says it has now stabilised advertising revenues, and that it has been able to increase its television advertising revenues by nearly 2% year-on-year for the first quarter of 2008.
The company, home to Coronation Street and the X Factor, also said that ITV channels as a whole delivered their first viewing increase since the early 1990s.

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